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AC Milan and Inter Milan have confirmed plans for the San Siro to be knocked down and replaced with a new stadium that both clubs will continue to share.

The San Siro was completed in 1926, and Milan's two major clubs have shared it since 1947.

But AC Milan chairman Paolo Scaroni has now said it is to be knocked down and replaced by a new stadium, per ANSA (h/t Football Italia): "We'll have a new San Siro next to the old one, in the same area as the concession. The old one will be knocked down and, in its place, there will be new constructions going up."

Inter CEO Alessandro Antonello, meanwhile, was asked if the Nerazzurri would work alongside their city rivals on the plan, and he replied, "Yes, absolutely."

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Per Football Italia's report, Milan mayor Beppe Sala would prefer the San Siro be modernised rather than demolished and rebuilt.

However, La Repubblica (h/t Football Italia) recently reported "the idea of refurbishing the current San Siro has been shelved," and a €700 million (£625.5 million) rebuild is preferred, with the aim to open it for the 2022-23 season.

With a capacity of just over 80,000, the San Siro is currently the biggest stadium in Italy and arguably the country's most storied venue given it is home to two of its most successful sides.

As well as being the home of Inter Milan and AC Milan, the San Siro has regularly hosted games for the Italian national team.

At the 1990 FIFA World Cup, six games were played at the stadium, including five involving eventual champions West Germany.